Sealsq Expands Quantum Fund to $200M and Acquires Miraex

Welcome to the latest edition of "Quantum Leap" where The Fly decodes news and activity in the quantum computing space.QUANTUM FUND:Sealsqannounced the expansion of its quantum fund to $200M, reinforcing its long-term commitment to building a secure and sovereign quantum technology ecosystem. To date, the fund has already deployed over $30M, with a target to close an additional $100M of investments through to the end of 2027.NEUTRAL ATOM QUANTUM COMPUTING:Google Quantum AI is expanding its quantum computing research to include neutral atom quantum computing, which uses individual atoms as qubits, alongside superconducting. The company said in a blog post, "At Google Quantum AI, our mission has always been clear: build quantum computing for otherwise unsolvable problems. For over a decade, we have pioneered the development of superconducting quantum bits, achieving milestones like beyond-classical performance, error correction and verifiable quantum advantage that once seemed decades away. We are now increasingly confident that commercially relevant quantum computers based on superconducting technology will become available by the end of this decade. Today, we are excited to share that Google Quantum AI is expanding our quantum computing effort to include neutral atom quantum computing, which uses individual atoms as qubits. Google will accelerate our timeline to near-term milestones and broaden our impact by exploiting the complementary strengths of two modalities. Superconducting qubits have already scaled to circuits with millions of gate and measurement cycles, where each cycle takes just a microsecond. Neutral atoms, meanwhile, have scaled to arrays with about ten thousand qubits. They make up for their slower cycle times - measured in milliseconds - with a flexible, any-to-any connectivity graph that allows for efficient algorithms and error-correcting codes. The road ahead reflects these distinct starting points: an outstanding challenge for neutral atoms remains demonstrating deep circuits with many cycles, while the next task for the superconducting modality is to demonstrate computing architectures with tens of thousands of qubits. In expert jargon, we often say that superconducting processors are easier to scale in the time dimension, while neutral atoms are easier to scale in the space dimension. Investing in both approaches increases our ability to deliver on our mission, sooner. By advancing both, we cross-pollinate research and engineering breakthroughs, and can deliver access to versatile platforms tailored to different types of problems. Our neutral atoms program is built on three critical pillars: Quantum Error Correction: Adapting error correction to the connectivity of neutral atom arrays, resulting in low space and time overheads for fault-tolerant architectures. Modeling and Simulation: Utilizing Google's world-class compute resources and model-based design to simulate hardware architectures, optimize error budgets and refine component targets. Experimental Hardware Development: Realizing the hardware capabilities to manipulate atomic qubits at application scale with fault-tolerant performance..."M&A:Sealsq announced that it has signed a letter of intent to acquire 100% of the equity interest of Miraex, a developer of photonics-based quantum interconnect solutions that bridge quantum processors and quantum networks. The LOI provides for a 60-day exclusivity period to conduct confirmatory due diligence and negotiate definitive transaction documents. The transaction is expected to be finalized by the end of June 2026. The transaction would be carried out using the Sealsq Quantum Fund. "Miraex represents exactly the kind of foundational quantum asset we have been seeking to complete our Quantum Vertical Stack," said Carlos Moreira, CEO. "Their photonics-based quantum interconnect solutions are not just complementary to our roadmap, they form a critical interconnect layer linking our quantum computing, quantum networking, and post-quantum cryptography capabilities into a more coherent architecture. Furthermore, the alignment with our QSOC initiative is compelling. Once the acquisition is completed, the integration of Miraex's technology is expected to accelerate our vision of extending quantum-secure infrastructure across terrestrial and space-based environments, strengthening the resilience and performance of our end-to-end platform."PODCAST:D-Wave Quantumwill launch a new podcast series, "Quantum Matters," on April 7. The podcast will feature conversations with industry leaders, researchers, academics and scientists on how quantum computing is applied across business and science today, and where the technology is headed. Hosted by Murray Thom, D-Wave's vice president of quantum technology evangelism, the podcast will examine how organizations are currently using quantum computing to solve computationally complex problems in areas such as manufacturing, supply chain, aerospace, life sciences and artificial intelligence.ANALYST COMMENTARY:Benchmark lowered the firm's price target on Rigetti Computingto $25 from $35 and kept a Buy rating on the shares. The firm recently hosted Rigetii's CEO Subodh Kulkarni and CFO Jeff Bertelsen for a fireside chat and "came away with increased confidence in the company's technology trajectory and strategic positioning," the analyst told investors. While the firm believes Rigetti's technology and pure play computing focus is "compelling," it lowers its price target to reflect the "malaise across the quantum sector."